Cost of driving a vehicle on the rise

DENVER — The price of driving a passenger vehicle in the United States increased 1.9 cents per mile in the past year and now averages 54.1 cents per mile.

The AAA estimates it will cost $8,121 to own and operate a new passenger car driven 15,000 miles per year for 2008, compared to $7,823 per year in 2007 or 52.2 cents per mile. Costs for maintenance, full-coverage insurance and depreciation are all slightly lower this year, while the costs for fuel, tires, financing, license, registration and taxes showed increases nationally, according to an AAA news release.

AAA’s study calculates the average costs of owning and operating five top-selling models in three popular size classes,, including small, medium and large sedans. The results show that consumers have an opportunity to save substantial sums of money by switching from larger models to smaller vehicles.

For example, AAA’s research shows the annual average cost of driving a small sedan is $6,320 per year, while a large sedan costs $9,769 per year. Similar savings can be realized by driving a minivan, instead of a larger and less-fuel efficient sport utility vehicle. AAA estimates the annual expense of owning and operating a typical minivan at $8,644 per year versus $10,448 for a four-wheel-drive mid-size SUV.

The 2008 “Your Driving Costs” brochure is free to the public on the Internet at http://www.AAA.com/gasprices. The brochure explains the factors that determine costs to own a vehicle and offers a chart in which motorists can calculate their personal driving costs.